ICICI Bank Q3 Results FY2023, Net Profit at Rs. 8,312 Crores

On 21st January 2023, ICICI Bank announced its results for the third quarter of FY2023.

Key Highlights:

- The core operating profit increased by 31.6% YoY to Rs. 13,235 crores in Q3FY23 
- Net interest income (NII) increased by 34.6% YoY to Rs. 16,465 crore 
- The net interest margin was 4.65%. The net interest margin was 4.33% in 9M-2023  
- Fee income grew by 3.7% YoY to Rs. 4,448 crore 
- The profit before tax grew by 35.3% YoY to Rs. 11,014 crore 
- The profit after tax was reported at Rs. 8312 crore

Business Highlights:

- 86 lakh activations from non-ICICI Bank account holders on iMobile Pay. The value of transactions by non-ICICI Bank account holders on iMobile Pay during Q3FY23 was 2.3 times the value of transactions in Q3-2022. 
- The value of financial transactions on InstaBIZ grew by about 29.2% YoY in Q3FY23. There have been about 215,000 registrations from non-ICICI Bank account holders on InstaBIZ till December 31, 2022. 
- The value of ICICI Bank’s merchant acquiring transactions through UPI grew by 78.0% YoY in Q3FY23. 
- ICICI Bank had a market share of 30.6% by value in electronic toll collections through FASTag in Q3FY23, with a 22.2% YoY growth in collections.
- ICICI Bank has created more than 20 industry-specific STACKs which provide bespoke and purpose-based digital solutions to corporate clients and their ecosystems. 
- ICICI Bank has launched a STACK for the real estate sector to offer digital and phygital banking solutions on one platform for builders, Real Estate Investment Trusts (REITs), and Alternate Investment Funds (AIFs) covering the entire lifecycle from construction to leasing and selling the property as well as services for their customers, employees, and vendors. 
- ICICI Bank has also launched comprehensive digital solutions, value-added services, and Trade APIs for exporters covering the entire export life cycle including the discovery of export markets, export finance - Insta EPC, foreign exchange services, and export incentives.
- The retail loan portfolio grew by 23.4% YoY, and comprised 54.3% of the total loan portfolio at December 31, 2022
- The business banking portfolio grew by 37.9% YoY.
- The domestic corporate portfolio grew by 18.2% YoY.
-  The domestic advances grew by 21.4% YoY. Total advances increased by 19.7% YoY to Rs. 974,047 crores at December 31, 2022.
- Total period-end deposits increased by 10.3% YoY to Rs. 11,22,049 crore
- Period-end term deposits increased by 14.2% YoY to Rs. 6,13,208 crore
- Average current account and savings account deposits increased by 10.4%
- The gross NPA ratio declined to 3.07% and the net NPA ratio declined to 0.55%. During Q3FY23, there were net additions of Rs. 1,119 crores of gross NPA and gross NPAs written-off in Q3FY23 were Rs. 1,162 crores.